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Jammu and Kashmir Bank Car Loan

Jammu and Kashmir Bank Car Loan


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Jammu and Kashmir Bank Car Loans

Established in 1938, Jammu & Kashmir Bank is a private sector bank that offers a wide range of financial services. It offers consumer banking, corporate banking, financial services, private banking, cash management and mobile banking products amongst other services. The Bank has more than 850 domestic branches spread across the nation.

Introduction to Jammu and Kashmir Bank Car Loan

Indian car market is growing rapidly day-by-day people increasing opt for comfortable mode of transportation. Availability of car loans is one of the reasons why a lot of people can easily buy a car. Jammu and Kashmir, one of the popular banks in India, offer car loans to individuals to purchase a car at better price. If you are looking for a car loan, this bank could be the right choice as the bank believes in providing loans to the right applicants and thereby helping them purchase a car which is also cost-effective.

What Is A Car Loan?

A car loan is the funding provided by the public and private banks to purchase a car of the borrower’s choice. Some lenders even provide loans up to 100% of value of the vehicle. The car loan can be repaid in EMIs at flexible tenure.

Before applying for a loan, it is important to check your eligibility criteria, terms and conditions of the loan.

Jammu and Kashmir Bank Car Loan Eligibility

The borrower must have following eligibility criteria to get car loans for the purchase of new and used cars.

AGEThe salaried applicant should be minimum of 18 years old and maximum of 60 years or the age of retirement.Self-employed individuals should be minimum of 21 years old and maximum of 70 years at the time of maturity.
Salary RequirementThe salaried applicant should have annual income of INR 3 Lakhs. The self-employed individuals should have minimum annual income of INR 2 Lakhs.
Employment statusSalaried individuals should be in the current employment for a period of 1 year and self-employed should be in the current line of business for at least 3 years.
Residential StabilityYou should have proof of residence to show whether you live in a rented or owned or parental accommodation.

Who Can Get Car Loans from Jammu and Kashmir Bank?

The bank initially checks the eligibility criteria and repaying ability of the borrowers. Individuals who come under the following categories are eligible to get a car loan from Jammu and Kashmir Bank.

  • Employees of state and central government, semi government undertakings and autonomous bodies
  • Employees of private organizations, reputed establishments etc.
  • Self-employed professionals, businessmen
  • Individuals involved in agriculture and related activities
  • Retired government and private employees

Features of Jammu and Kashmir Bank Car Loan

Objective: Loans are provided for ex-showroom price and registration

Loan Amount: The maximum loan amount is up to INR 50 Lakhs.

Tenure: The repayment period is up to 84 months.

Margin: Minimum of 10% of on road price of the vehicle and 15% of for the non-Jammu and Kashmir bank customers

Jammu and Kashmir Bank Car Loan Interest Rates and Other Charges

The interest rate is fixed at 11.25% per annum with monthly rests.

Prepayment Charges: No charges are levied as foreclosure fees.

Prepayment charges: 0.50% of the loan amount subject to a minimum of INR 500.

Documents required for Jammu and Kashmir Bank Car Loan

The following are the documents required for Jammu and Kashmir Bank car loan

  • Age proof
  • ID proof
  • Application form
  • Photograph
  • Residence proof
  • Income proof
  • Bank statement
  • Signature verification proof
  • Pro-forma Invoice or Rate List
  • Aadhar card copy

The following documents are further required in case of pre-owned cars loans

  • Signature verification proof
  • Car Valuation report
  • RC copy in case of refinance
  • Insurance copy

How to apply for a car loan with Jammu and Kashmir Bank

The Jammu and Kashmir Bank car loan approval & verification process is simple and much quicker for existing Jammu and Kashmir Bank customers. They can apply online and get pre-approved offers on car loans with attractive interest rates. The loan amount is directly credited to their account instantly.

The application process is different for new customers of Jammu and Kashmir Bank. The borrower needs to either apply online or directly download the application form from the official website or visit the nearest Jammu and Kashmir Bank branch. They can also call the Jammu and Kashmir Bank car loan customer care to proceed with the application process.

Generally, Jammu and Kashmir Bank’s representative will come to your place of work or your home to collect the filled in application form and all the necessary documents required for verification at the specified time. A background check would help the lender know about the personal, professional standing of the applicant. If there are any discrepancies with the information provided, the Jammu and Kashmir Bank car loan application is likely to be denied. After passing through document verification and eligibility criteria, the approval process moves to the final level. At the final stage and after negotiations, the Jammu and Kashmir Bank car loan interest rate and tenure are fixed and sent for your acknowledgement.

In case your car loan application was rejected, you will receive Jammu and Kashmir Bank loan rejection letter which will receive a status update on the car loan rejection. Let us now see what the eligibility or qualifying criteria are as they are called in banking parlance for a car loan.

Benefits of Applying Through CreditMantri for A Car Loan

Generally, all lenders do a hard enquiry for your credit profile to check whether you are a creditworthy customer. When such enquiries are made, your credit score gets affected. More damage is bigger when the loan gets rejected. You can avoid such a circumstance by applying through CreditMantri. After obtaining your application for a car loan, CreditMantri pre-screens your application and look for the lender who is willing to lend to you at a better price. You do not have to worry about if you are eligible for the loan. All the processes are done digitally, and the results are generated within minutes.

Jammu and Kashmir Bank Car Loan FAQs

1. What is maximum loan amount for Jammu and Kashmir Bank car loan?

The maximum loan amount is INR 50 Lakhs.

2. What is the maximum tenure for Jammu and Kashmir Bank car loan?

The maximum loan tenure is up to 84 months for the purchase of new cars.

3. What type of cars do Jammu and Kashmir Bank provide car loans for?

Jammu and Kashmir Bank offers auto loans for most passenger cars, multi-utility vehicles and sports-utility vehicles that are available in India and are bought for personal use.

4. Do I have to provide any security to avail a Jammu and Kashmir Bank car loan?

Jammu and Kashmir Bank car loan is a form of secured loan where your car will act as a collateral.

5. Can I sell my vehicle before I repay the entire car loan taken from Jammu and Kashmir Bank?

You cannot enter a transaction with any seller without a 'No Objection Certificate' (NOC) from Jammu and Kashmir Bank. The NOC can only be obtained after foreclosure or after you have paid off your loan.

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